One of the greatest challenges faced by any business, may it be a bank, a shop, a company or any global forex brokerage, is to find their core strengths and portray the same in front of their customers. The deciding factor between success and failure of any brokerage business is the way they define their identity and the strengths.
The fact that the whole forex brokerage industry uses a single platform, MetaTrader4 is no more a revelation. Due to this, it becomes very difficult to gain competitive advantage. Various activities or tricks are being used by different brokers like offering new products or a new price feed. But they may help temporarily without any long-term result assurances.
The most effective and efficient way to differentiate from the competitors can be the Customer Relationship Management (CRM).
The Forex Website is designed in a way that it covers CRM as well. Actually, the fact is that all other portions are similar for most of the websites. Whereas, Forex CRM is where the differentiation comes in. Forex CRM is also known by the term Traders Cabinet/Traders Area.
The Traders Area plays the role of a vital tool for the brokerage. It is here that the clients can open their accounts, manage their deposits and withdrawals, amend the information of their account, verify their balances, etc.
Forex CRM and Multitier IB
The Best Forex CRM gives liberty to the Introductory Brokers IBs to create their unique accounts. These links allow them to register clients and that account will directly be placed under that Introductory Broker’s IB’s management. Also, it allows the online status of rebate, commission and the earnings.
Over and above this, the Multi-tier IB functionality adds a feather to the crown. This functionality plays a significant role in the evolving markets like Foreign Exchange.
The crux of Multi-tier IB functionality is that it allows IB’s to recruit another IB’s under them, who can recruit further IB’s under them and so on.
How Multi-tier IB Works?
Cloud Forex CRM enables customization of rebate and the commission schedules for each layer. Let us say, for example, A recruits X as its IB. Now X can recruit M and N where both are to be paid a different rebate on their accounts. Further, M can recruit as well as N can recruit and there will be the different layer for each.
This functionality enables innumerable customization providing high flexibility level to the IBs and also payment schedule as per the business conducted.
The CRM for Forex Brokerscovers the feature of unlimited tiers. Generally, there is a need to have 5 layers of IB at a time, but here there is no such restriction. There is endless scope for customization and flexibility.
It is preferable to choose the Forex Broker CRM service that best suits your forex brokerage firm and consider CRM and the Multi-tier IB functionality in order to have an edge over your competitors.